INDIA TOP NEWS
â€¢ India outlines $23-billion economic stimulus to help poor hit by lockdown
India announced on Thursday a $22.6-billion economic stimulus plan providing
direct cash transfers and food security measures to give relief to millions of
poor people hit by a nationwide lockdown over a coronavirus pandemic.

â€¢ Indian banks consider opening fewer branches during lockdown -sources
India’s central bank and major lenders are considering staffing fewer
branches during the country’s lockdown to reduce the chances of tens of
thousands of employees catching coronavirus, four sources and a senior bank
union official said.
â€¢ India’s coronavirus cases tick up, immense lockdown holds
India’s death toll from the coronavirus rose by six to 16 in the last 24
hours, as the government sought on Thursday to improve basic services to 1.3
billion people locked indoors to slow the spread of the disease.
â€¢ Tata, Liberty Steel cut European output due to drop in demand
Tata Steel Europe and Liberty Steel have joined other European steel groups
in cutting production after automakers and other firms slashed output due to the
coronavirus outbreak.
â€¢ Yes Bank to raise up to 50 bln rupees after govt-led rescue
Yes Bank said it was looking to raise up to 50 billion rupees in an effort
to shore up its capital base after a government-led rescue of the private sector
lender.
â€¢ SAIL scales back production, has orders cancelled under lockdown
Steel Authority Of India said on Thursday it had scaled back its
manufacturing operations with the country under a 21-day lockdown to prevent the
spread of coronavirus but could not yet say how much of a hit it would take.

â€¢ India’s migrant workers face long walk home amid coronavirus lockdown
After India imposed a 21-day nationwide lockdown on Tuesday to prevent the
spread of coronavirus, the plywood factory near Uttar Pradesh’s state capital
Lucknow where Surendra Pandey works was forced to shut down.

GLOBAL TOP NEWS
â€¢ U.S. has most coronavirus cases in world, next wave aimed at Louisiana
The number of U.S. coronavirus infections climbed above 82,000 on Thursday,
surpassing the national tallies of China and Italy, as New York, New Orleans and
other hot spots faced a surge in hospitalizations and looming shortages of
supplies, staff and sick beds.
â€¢ G20 leaders to inject $5 trillion into global economy in fight against
coronavirus
Leaders of the Group of 20 major economies pledged on Thursday to inject
over $5 trillion into the global economy to limit job and income losses from the
coronavirus and “do whatever it takes to overcome the pandemic.”
â€¢ U.S. weekly jobless claims soar to record 3.28 million
The number of Americans filing claims for unemployment benefits surged to a
record of more than 3 million last week as strict measures to contain the
coronavirus pandemic brought the country to a sudden halt, unleashing a wave of
layoffs that likely ended the longest employment boom in U.S.
history.

LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
â€¢ SGX Nifty nearest-month futures were trading 1.2% higher at 8,747.75.
â€¢ The Indian rupee is expected to rise against the U.S. currency after the
dollar index tumbled as the number of Americans filing for unemployment benefits
surged amid the coronavirus outbreak.
â€¢ Indian government bonds will likely edge higher in early session ahead of
a press conference by the countryâ€™s central bank Governor today, raising bets of
liquidity-infusing steps to cushion the impact of coronavirus. The yield on the
benchmark 6.45% bond maturing in 2029 is likely to trade in a 6.15%-6.24% range
today, a trader with a state-run bank said.

GLOBAL MARKETS
â€¢ The Dow Jones Industrial Average wrapped up its strongest three days in
nine decades on Thursday as record weekly U.S. jobless claims came in below
investors’ worst fears and the focus stayed on an unprecedented $2 trillion
stimulus awaiting approval by the U.S. House of Representatives.
â€¢ Asian stocks rose as investors wagered policymakers will roll out more
stimulus measures to combat the coronavirus pandemic after U.S. unemployment
filings surged to a record.
â€¢ The dollar is on track for its biggest weekly fall in more than a decade
as a series of stimulus steps around the world, including a $2.2 trillion U.S.
package, calmed a panic over a global recession following the coronavirus
outbreak.
â€¢ U.S. Treasury yields slipped on Thursday, with the short-dated slipping
further to record lows, trading below zero for the second day after a report
showing weekly jobless claims surged to a record because of the impact of
coronavirus on the economy.
â€¢ Oil prices rose after world leaders promised a massive injection of funds
to limit the economic fallout from the coronavirus pandemic, despite fears the
outbreak will destroy demand for oil.
â€¢ Gold eased as some investors booked profits after prices hit a two-week
high in the last session amid hopes for further stimulus to curb the
coronavirus’ economic toll, but the metal was headed for its best weekly gain in
more than 11 years.